Quote:
Originally Posted by summersm343
Northern Liberties development site approved for 7-story apartment project lists for $3.99M
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Yeah I don't think this is selling any time soon. This seller bought it for 3.2 Mil in March of this year when the market was peaking and rates were low. Now that the market is plateaued at best and rates are sky high they want 700k more for it 9 months later? They didn't do anything to the property it was sold already with the same permits/approvals they have now so what is the value add?
Reminds of a property in my neighborhood of East Passyunk. Someone bought a closed restaurant in a double wide building on EPA(Tre Scalini) for 1.2 million late last year, did absolutely nothing at all to the property and then listed it for 1.8 mil in 6 months later in April of this year. Still on the market of course.